NSW Selling Bitcoin in Australia Acquired from Another Country - Legal?

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perception30

Member
6 December 2016
4
3
1
Hello,

I am a bitcoin trader and I own some bitcoins ( $250k worth ), some of which were purchased from my own country. Can I sell these in Australia and receive payment from other individuals in my bank account? Will it be considered as money laundering? Should I pay any tax?

** Bitcoins were bought from another country.

** Needs to be sold in AU

** As they are my own property and I have not earned anything from trading after I arrived here in Australia, do I have to pay taxes for converting them in AUD?

** I am an international student

** I know bitcoin is completely legal in Australia and considered as asset for capital gains tax (CGT). But will I be in trouble later with authority to apply for further visas like PR.

** Price of these bitcoins were a lot less (when I purchased 2 years ago ) than it is now (if I sell now).

Reference: Tax treatment of crypto-currencies in Australia - specifically bitcoin
 

Lance

Well-Known Member
31 October 2015
852
123
2,394
Hi,

I'm by no means an expert in this but I saw that no one else was giving it a go. Bitcoin is considered property in Australia and therefore the trading in bit coin is subject to GST and capital gains tax. I had read last year that the treasurer was dropping GST on bitcoin transactions but I'm not sure that occurred.

As you linked above, the ATO have released guidance on the tax treatment of bitcoin so I think it should be pretty clear. I don't think it matters where you purchased it as long as you document purchase and sale and can track your transactions.